S&P gives Cooke Aquaculture notes CCC+

Standard & Poor's said it assigned its B- long-term corporate credit rating to Cooke Aquaculture Inc.

The outlook is stable.

S&P also assigned its CCC+ issue-level rating to Cooke's proposed $250 million senior unsecured notes due 2021. The recovery rating is 5.

"The company is in the process of refinancing its debt, which will result in the repayment of a significant portion of its secured debt with proceeds from the unsecured note issuance," S&P credit analyst Lori Harris said in a news release.

"Cooke plans to repay all of its revolver debt outstanding, while reducing the facility's authorized limit to C$75 million from C$200 million. In addition, Cooke plans to repay some of its term debt through the proposed refinancing," Harris added in the release.

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